Apple is now worth more than the entire US energy sector: BAML

Tim Cook Apple StoreGetty Images/Justin Sullivan

  • Apple's post-earnings surge pushed its market cap past that of the entire US energy sector, Bank of America Merrill Lynch analysts wrote Thursday.
  • The tech giant closed Thursday with a $1.17 trillion market cap, while the S&P 500 Energy index's market cap dropped to a cumulative $1.13 trillion.
  • The analysts project Apple to continue its post-earnings surge and post a 82.6% gain through 2019. Apple stock is up 66.5% year-to-date.
  • Watch Apple trade live here.

Apple's post-earnings surge values the company at more than the entire US energy sector, Bank of America Merrill Lynch analysts wrote in a Thursday note.

The tech giant closed Thursday with a $1.17 trillion market cap, maintaining its position as the world's most valuable public company. The S&P 500 Energy index closed with a $1.13 trillion market cap, dragged lower by ExxonMobil, Chevron, and ConocoPhillips.

The iPhone-maker's stock surged after impressing investors with its fiscal fourth-quarter earnings. Apple topped Wall Street's estimates for both revenue and profits as its wearable products and online services offset slowing iPhone sales.

The company is up about 8% since the October 30 report and posted a record-high close Wednesday.

Despite Apple's strong momentum through 2019, BAML analysts said it still has room to grow. The tech giant is "on course for 82.6% gain" through the end of the year, the team led by chief investment strategist Michael Hartnett wrote. Apple shares are up about 66.5% year-to-date.

The analysts also highlighted a euro-denominated green bond Apple priced November 7. The company issued 2 billion euros worth of six- and 12-year bonds, with the shorter-period debt featuring a 0% coupon. Coupon rates describe the rate of interest a bond pays annually, while a bond's yield is the rate of return it generates for a holder.

The debt offering's proceeds will be used to develop energy-efficient products and cut carbon emissions in the company's supply chain, Apple said in a statement.

The company traded at $263.87 at 9:05 a.m. ET Friday, up roughly 0.47% from Thursday's close.

Apple has 27 "buy" ratings, 14 "hold" ratings, and seven "sell" ratings from analysts, with a consensus price target of $255.83, according to Bloomberg data.

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